All How-To Topics
The Daily Scoop
|
|
The importance of being right at the right time
comments (0) January 7th, 2009 in Blogs
Richard Defendorf, contributor
no recommendations
When is being right the same as being wrong? When you’re an economist predicting correctly but too early – and in the face of reasoned opposition – that something is seriously out of whack.
A number of experts raised red flags almost a decade ago about the housing market, notes Bruce Bartlett, a former Treasury Department economist who recently debuted as a columnist for Forbes.com. Bartlett writes that he started a file on the housing bubble in September 2001, with a Forbes story headlined "What If Housing Crashed?" by Stephane Fitch and Brandon Copple.
Bartlett cites other flag wavers who emerged over the years, but also cites the counterposing views of, among others, Federal Reserve Chairman Alan Greenspan, who argued that the substantial transaction costs and more limited opportunities for speculation in housing set that market apart from, say, the market for technology stocks that had tanked so robustly a year earlier.
Greenspan, Bartlett added, also pointed out that “there really wasn't a single national market for housing, but rather a collection of many local markets. Even if a bubble emerged in one market, he said, there was no reason to think it would spill over into other markets.”
We like to think we know better now, although it’ll take another several years to find out if we’ve really learned the lesson.
posted in: Blogs, business
|
|
|
|
-
How to Paint Fiber-Cement Siding
Painter Jim Lacey shares some tips for caulking and painting fiber-cement siding. read more
|
|
About this blog
If you are looking for the latest building industry news, you've found the right Web site. The news we feature here is written by editors and trusted members of the Fine Homebuilding community on topics that matter most to your business. From code changes to lawsuits to matters of credibility, we'll let you know about the issues that affect your bottom line.
Comments (0)
You must be logged in to post comments. Click here to login.